The Financial Industry Regulatory Authority (FINRA) fined Wells Fargo $500,000 and censure it for unsuitable recommendations made to customers between August 2005 and July 2012. The bank recommended investment clients purchase Structured Repackaged Asset-Backed Trust Securities (STRATS) which resulted in financial losses. FINRA alleged that Wells Fargo did not educate its financial advisors regarding the risks involved in this type of financial product, therefore the brokers lacked a reasonable basis for recommending STRATS to their clients. If you invested money with Wells Fargo, you may be able to recover your financial losses in the FINRA arbitration forum. Please call us for a free consultation with an attorney at 312-332-4200. We represent individuals who have suffered financial losses because of investment fraud. In some cases, Wells Fargo can be held liable for financial losses.
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